The Power and Utility companies are facing a very complex challenge: how to manage a revenue decline and still meet the demands of their technology-conscious consumers.
In the current technology-advancing world, the Power and Utility companies find themselves pulled to economize and pushed to innovate — two objectives that might seem to conflict each other, but they actually work in harmony.
The “pull” is due to a prolonged decline in consumer energy revenue on both sides of the ocean. End-user electricity consumption dropped in 22 out of 28 Eastern European countries between 2005 and 2014, according to Eurostat. Also, in the U.S., the Energy Information Administration (EIA) reports that electricity sales growth rate since 2002 has lingered around 1% or less per year, and the demand has declined overall in five of those years. That’s a sharp drop from growth rates that were well above 2 % for much of the previous decades. The rise in demand for electricity has been consistently declining more than general economic growth in the last few years.
Innovations in Power and Utility technology, such as new storage battery options, smartphone-based thermostat apps, and other techno innovations, the “Push”, are advancing at a pace that has surprised designers and users alike. Customers are asking for these products. To meet this demand, industry frontrunners are integrating those innovations into their operations and infrastructure as fast as they are able.
If your company is in the Power and Utility industry, the challenge you face is to overcome the demand gap and provide innovation and value for your customers and still make a profit. If you can accomplish this, you can expect future growth and customer loyalty. If you fail, you may risk being eclipsed by competitors.
That is where V2Soft can help. Let us help you overcome the technology gap and get your company the right solutions in place to build that customer loyalty and gain future growth.